Good News! Lower food prices ease India's October retail inflation to 3.31%

The retail inflation fell to a one-year low on the back of cheaper kitchen staples, fruits and protein-rich items, as per the official data.

The cost of vegetable also declined by 8.06 per cent in October against a 4.15 per cent contraction in September. (PTI)

New Delhi: In a good news for the economy, India's October retail inflation was lowered down from a rise of 3.70 per cent in September to 3.31 per cent, official data showed on Monday. The retail inflation fell to a one-year low on the back of cheaper kitchen staples, fruits and protein-rich items, as per the official data. Even on a year-on-year (YoY) basis, the Consumer Price Index (CPI) in October 2018 was lower than in the corresponding period of last year. The CPI was 3.7 per cent in September 2018 and 3.58 per cent in October 2017. The retail inflation number is the lowest since September 2017 when it touched 3.28 per cent. According to the data furnished by the Central Statistics Office (CSO), the Consumer Food Price Index (CFPI) deflated (-) 0.86 per cent in October from an expansion of 0.51 per cent in September 2018. Meanwhile, the cost of vegetable also declined by 8.06 per cent in October against a 4.15 per cent contraction in September. Inflation also slowed to 0.35 per cent in the fruit basket as against 1.12 per cent recorded a month ago, reported PTI. The retail inflation also cooled in protein-rich items like cereals, eggs, milk and related products. However, inflation quickened to 8.55 per cent for the 'fuel and light' category against 8.47 per cent in the previous month.